COVID-19 Impact on Ketene Derivatives Market
- The COVID-19 outbreak hindered the demand for ketene derivatives in several ways. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for ketene derivatives.
- Most of the industries were affected negatively due to the COVID-19 pandemic. However, end-use sectors for ketene derivatives, such as agrochemical and pharmaceutical, were functioning well. There was a rise in in API units to support increasing demand in the pharmaceutical sector. The agrochemical sector was also generating continuous demand for ketene derivatives.
- The COVID-19 outbreak directly affected the production and demand for ketene derivatives. The pandemic interrupted the supply chain of ketene derivatives.
Key Drivers of Ketene Derivatives Market
- The ketene derivatives market is driven by the rising demand for these derivatives in the agrochemical industry. The agrochemical industry has been expanding due to the increase in demand for food. Increasing population and decreasing cultivating land are boosting the demand for food, thus resulting in growth in usage of agrochemicals. Agrochemicals are used to prevent diseases, pests, and weeds. They also help increase the fertility of the soil. Growth of the agrochemical industry is expected to drive the ketene derivatives market.
- Growth of the pharmaceutical industry during the COVID-19 pandemic is one of the factors boosting the ketene derivatives industry. Ketene derivatives are used in manufacture of various pharmaceutical chemicals, which are used to produce drugs such as aspirin.
Restraints of Ketene Derivatives Market
- Toxic nature of ketene derivatives can hinder the growth of the ketene derivative market. Ketene causes eye, nose, and throat irritation when someone comes in contact with it. Such health effects can affect the growth of the ketene derivative market.
Asia Pacific to Constitute Significant Share of Global Ketene Derivatives Market
- In terms of region, the global ketene derivatives market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America and Europe are key consumers of ketene derivatives. The market in North America and Europe is anticipated to maintain moderate pace in the near future owing to already advanced chemical and agrochemical industries in the region.
- Asia Pacific is projected to offer significant opportunities for the ketene derivatives market, due to the growth of the chemical industry in the region. Domination of the pharmaceutical industry in India can lead to increased consumption of ketene derivatives in the region.
Competitive Landscape of Global Ketene Derivatives Market
The global ketene derivative market is highly fragmented. Many global players operate in the market from different regions. Some of the key players are as follows:
- Nantong Acetic Acid
- Ningbo Wanglong
- Xinhua Pharmaceuticals
- Mitsubishi Chemicals
- Eastman Chemicals
- Laxmi Organic Industries
- Anhui Jinhe Industrial
Global Ketene Derivatives Market: Research Scope
Global Ketene Derivatives Market, by Product Type
- Diketene Esters
- Dihydroacetic Acid
Global Ketene Derivatives Market, by Application
- Pharmaceuticals & Nutraceuticals
- Pigments & Dyes
Global Ketene Derivatives Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Ketene Derivatives Market Introduction
- Ketenes are organic compounds of the form RR’C=C=O where R and R’ are two monovalent chemical groups. Ketene is a highly reactive colorless gas with penetrating odor. It is used as a reagent to make amides and esters.
- Ketenes are highly electrophilic and thus are made at the time of their use. Demand for ketene derivatives is rising in different industries such as agrochemicals, pharmaceuticals, paper processing, and adhesive.
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